Please help with these accy questions 1. Given the following information for the
ID: 2339401 • Letter: P
Question
Please help with these accy questions
1. Given the following information for the December 20X1 payroll payable on January 15, 20X2: ross salary Employee FICA tax Federal income tax withholding State income tax withholding Net pay Employer FICA tax Employer federal and state unemployment taxes 38 The amount to be debited to "Salaries Expense" for the December, 20X1, payroll is A. $675. B. $788. C. S1,113. D. $1,675. E. none of these 1000 75 170 80 $675 $75 2. ugross margin of $35,000 is 28% of net sales revenues, then net sales revenues must be A. $9,800. B. $25,200. C. $100,000 D. $125,000. E. none of theseExplanation / Answer
As per policy, we cannot able to post solution more than four sub parts of question.
Answer 1
Gross salary
1000
Components of salary expense for employer
Employee FICA tax
75
Deduction for employee
Federal income tax withholding
170
Deduction for employee
State income tax with holding
80
Deduction for employee
Net pay
675
Net cash received by employee from employer
Employer FICA tax
75
Components of salary expense for employer
Employer federal and state unemployment tax
38
Components of salary expense for employer
Gross salary
1000
Employer FICA tax
75
Employer federal and state unemployment tax
38
Salary expense
1113
Correct answer is C.
Answer 2
Gross margin in amount
35000
Gross margin in %
0.28
Net sales revenue (35000/0.28)
125000
Gross margin = 35000
28% of net sales revenue = 35000
Net sales revenue* 0.28 = 35000
Net sales revenue= 35000/0.28 =125000
Correct answer is D.
Answer 3
If a company's per unit cost of inventory purchase increased during the period, yet cost of goods sold as a % of sales revenue was lower than the prior year. Then for current year sales price per unit must have increased
Option B is correct
Because gross margin as a % of sales revenue must have increase due to decrease in cost of goods sold % as sales revenue.
If sales volume increase then also cost of goods sold increase due to increase in sales volume, it means it is incorrect.
If selling price increase which impact on decrease cost of goods sold as a% of sales revenue.
Answer 4
If company improve timely collection of account receivable reducing period of time receivable are outstanding, then receivable turnover has increased.
Correct answer is A
Collection period of account receivable and receivable turnover has inverse relationship. It means if collection period of account receivable decrease then increase in receivable turnover.
As per policy, we cannot able to post solution more than four sub parts of question.